Federal Investigators Probing Alleged $18 Million Scam Involving NFL And NBA Players | Roland Martin Reports

Federal Investigators Probing Alleged $18 Million Scam Involving NFL And NBA Players

Source: Rand Getlin / Yahoo! Sports

On the heels of regulators red-flagging a potential $18 million scam last week, multiple federal agencies are probing investments sold to NFL and NBA players, Yahoo! Sports has learned.

According to multiple sources that spoke to Yahoo! Sports on the condition of anonymity, several professional athletes have either been contacted or been urged to contact investigators from the U.S. Department of Justice, the FBI and the U.S. Securities and Exchange Commission.

Three sources also told Yahoo! Sports that the NFL Players Association has asked a handful of its athletes with investments tied to Jade Management to contact FBI investigators. Jade previously managed finances for dozens of professional athletes, and had investment ties to Success Trade – a firm that came under fire from the Financial Industry Regulatory Authority (FINRA) last week. Success Trade was ordered to halt fundraising last week after allegedly selling $18 million in fraudulent and unregistered promissory notes to 58 persons, many of whom were NFL and NBA players.

Jade Management founder Jinesh “Hodge” Brahmbhatt told Yahoo! Sports his firm had more than 30 athletes who purchased high interest investments that FINRA now says were fraudulent. Some of those investments purportedly generated interest returns between 11 and 26 percent.

To read this article in its entirety visit Yahoo! Sports.